Bajaj Allianz Life Insurance Company Limited, one of India’s leading private life insurers, continues to clock impressive growth on individual rated new business premium by registering a 24% growth in Q2FY2019. During the quarter, the share of the traditional business in the individual new business premium was 39% as compared to 28% for the same period in FY2018.
The life insurer continues to grow at a brisker pace than the industry with a 12.7% uptick in the individual rated new business premium, while the industry grew by 9.9% and the private life insurers’ growth stood at 11.4% in H1FY2019. The Company’s average ticket size also moved up to Rs 54,636 in Q2FY2018 from Rs 39895 in Q2 FY2018, registering a growth of 37%.
Commenting on the growth, Tarun Chugh MD & CEO, Bajaj Allianz Life Insurance, said, “Over the year we have invested significantly towards becoming life goals enablers for our customers. This saw us launch a series of innovative products and services in the time. The growth in our business numbers in the quarter are indicative of the success of these initiatives amongst our customers. We are confident of continuing to strengthen our market position on the back of innovation, and enable many more Indians achieve their life goals with life insurance products.”
The company also took the leadership position in the online ULIP space. Its new age online ULIP Bajaj Allianz Life Goal Assure, with the first-of-its-kind Return of Mortality Charge (ROMC) feature helped the company solicit more than 16,000 policies within nine months of its launch, clocking annualized premium of over ?146 crores. Bajaj Allianz Life Goal Assure was launched on February 2018.
Bajaj Allianz Life also observed an increase in rated individual new business premium of Rs. 346 crore in Q2FY19 from 280 crore in Q2FY18. On Renewal premium the company witnessed a growth of 17% in Q2FY19 of Rs 870 crore as compared to Rs 744 crore in Q2FY18. The gross written premium for Bajaj Allianz Life stood at Rs 2,083 crore in Q2FY19 from Rs 2,015 crore in Q2FY18.
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